Yuga Labs Seeks to Seize Crypto Assets Held by Influencer Jeremy Cahen

Yuga Labs has filed a turnover order with the Central District Court of California in the United States, aiming to seize the cryptocurrency assets held by internet celebrity Jeremy Cahen (also known as Pauly0x). These assets are spread across four wallets, including Bitcoin, Ethereum, and PEPE coin, totaling nearly $400,000 as of October last year.

In July 2022, Yuga Labs sued Cahen and artist Ryder Ripps, accusing them of infringing Yuga Labs' trademark by selling Ryder Ripps' Bored Ape Yacht Club NFT series. The court ruled in favor of Yuga, awarding them over $1.5 million in damages in October 2023. In February of the following year, the total amount of damages increased to nearly $9 million, including $7 million in attorney fees and post-judgment interest. The final judgment was made on February 2, 2024, and took effect on March 3. Cahen did not post bail or obtain a stay of execution, allowing Yuga Labs to begin asset recovery after the judgment.

Subsequently, the company has issued subpoenas to Cahen's accountants and levied taxes on banks and crypto platforms in the United States, including American Bank, Chase Bank, Wells Fargo, Robinhood, Coinbase, Binance, and Gemini (enforced by US Marshals). Court records show that Cahen transferred $396,946 worth of cryptocurrency to evade taxes from Gemini. According to Yuga, this transfer took place on the second day after the tax went into effect, before Gemini could freeze his account, indicating his intention to evade asset seizure.